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News Mid-Session

 
Market holds firm
13-Jun-18   14:36 Hrs IST

Firmness prevailed on the bourses in mid-afternoon trade on steady buying demand in index pivotals. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 161.28 points or 0.45% at 35,853.80. The Nifty 50 index was up 46.15 points or 0.43% at 10,889. Realty stocks saw mixed trend. Encouraging industrial production data for April boosted market sentiment.

Domestic stocks drifted higher in early trade. Stocks trimmed gains in morning trade. Key benchmark indices once again regained strength in mid-morning trade. Indices trimmed gains after hitting fresh intraday high in afternoon trade.

The S&P BSE Mid-Cap index was up 0.07%. The S&P BSE Small-Cap index was up 0.21%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,374 shares rose and 1,214 shares fell. A total of 142 shares were unchanged.

Tata Steel (down 2.29%), Hindustan Unilever (down 1.05%) and Bharti Airtel (down 0.96%) edged lower from the Sensex pack.

Realty stocks saw mixed trend. Oberoi Realty (up 3.73%), DLF (up 0.07%), D B Realty (up 7.45%), Sobha (up 1.89%), Godrej Properties (up 0.08%), Prestige Estates Projects (up 1.34%) and rose. Indiabulls Real Estate (down 0.52%), Housing Development and Infrastructure (down 0.21%) and Unitech (down 4.3%) fell.

MMTC fell 4.7% to Rs 36.50 on profit booking after a recent rally. Shares of MMTC surged 20.82% in five trading sessions to settle at Rs 38.30 yesterday, 12 June 2018, from its close of Rs 31.70 on 5 June 2018.

On the macro front, India's retail inflation in May rose to a four-month high of 4.87% due to costly petrol and diesel, and a weak rupee while industrial production recovered marginally to grow at 4.9% in April, data released by government after market hours yesterday, 12 June 2018 showed.

Traders and investors are closely awaiting a series of domestic and global events this week. The wholesale price index (WPI) inflation data will be announced tomorrow, 14 June 2018.

On the global front, the US Federal Reserve's two-day policy meeting concludes today, 13 June 2018. The Fed is widely expected to raise interest rates for the second time this year after a move in March as the US economy remains solid. Investors will closely watch the outlook for future monetary tightening amid an ongoing economic expansion.

The European Central Bank (ECB) will hold its policy meeting tomorrow, 14 June 2018, in which policy makers are poised to hold formal talks on ending its bond-buying program. The Bank of Japan meets on Friday, 15 June 2018 with no change to policy expected.

Overseas, most European and Asian stocks were trading lower as investors looked to the US Federal Reserve policy decision later in the day and any clues it might give on future rate hikes, shifting focus away from the historic US-North Korea summit in Singapore.

US stocks closed little changed yesterday, 12 June 2018 after US President Donald Trump and North Korea leader Kim Jong Un signed an agreement aimed at establishing a peace regime on the Korean peninsula and better relations between the two states. Lack of detail in the agreement about the path to denuclearization on the peninsula kept the market's moves in check throughout the day.

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